Bitcoin Held Back, Crypto Market Enters Caution Mode
The crypto market weakened on Tuesday, with Bitcoin falling below the US$77,000 level after failing to maintain its previous upward momentum. Bitcoin traded around US$76,900, while Ethereum also weakened to the US$2,280–US$2,300 range.
Pressure on crypto came from global risk-off sentiment after US-Iran negotiations stalled again and oil prices continued to rise. This has led investors to reduce exposure to riskier assets, including Bitcoin, Ethereum, and several major altcoins.
In addition to geopolitics, the market is also awaiting decisions from major central banks, including the Federal Reserve. Interest rate expectations remain a key factor as crypto tends to be sensitive to changes in global liquidity and the direction of the US dollar.
Technically, Bitcoin is still struggling to break through the psychological area of US$80,000. Until this level is firmly broken, the crypto market has the potential to remain consolidative, with the risk of further correction if the dollar and risk-off sentiment strengthen again. (Zaf)
Source: Newsmaker.id